**Charity registration number 237243**
## **KINGSTON FRIENDS TRUSTS**
## **OLD BURIAL GROUND ESTATE**
## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2024**
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE LEGAL AND ADMINISTRATIVE INFORMATION**
|**Trustees**|Fred Ashmore (re-appointed October 2020 to September 2026)|
|---|---|
||Kate Cargin (appointed July 2020 to June 2026)|
||Hugh Corner (appointed March 2020 to September 2025)|
||Nick Davis (re-appointed January 2024 to December 2026)|
||Oli Griffiths (appointed May 2019 to September 2025)|
|**Charity number**|237243|
|**Principal address**|Kingston Quaker Centre|
||Fairfield East|
||Kingston upon Thames|
||Surrey|
||KT1 2PT|
|**Independent**|David Howard|
|**examiner**||
||1 Park Road|
||Hampton Wick|
||Kingston Upon Thames|
||KT1 4AS|
|**Investment**|Rathbone Greenbank Investments|
|**advisors**||
||10 Queen Square|
||Bristol|
||BS1 4NT|
||King & Shaxson|
||1st Floor, 155 Fenchurch Street|
||London|
||EC3M 6AL|
## **KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 2|
|Independent examiner's report|3|
|Statement of financial activities|4|
|Balance sheet|5|
|Notes to the financial statements|6 - 14|
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
The trustees present their report and accounts for the year ended 31 December 2024. The trustees who served during the year and up to the date of this report are set out under the legal and administrative information section of the report.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
## **Objectives and activities**
The object of the charity is to advance religion in the area of benefit according to the principles and practices of the Religious Society of Friends; in particular to provide, equip, maintain, repair, improve, extend and rebuild the places of worship, and support the running costs, of Kingston upon Thames Local Quaker Meeting and other Local Meetings of the Religious Society of Friends in the area of benefit.
The area of benefit of the charity is the area of the Kingston & Wandsworth Area Quaker Meeting and the area of the South London Area Quaker Meeting (formerly the Purley & Sutton Area Quaker Meeting) of the Religious Society of Friends.
## **Public benefit**
The trustees have regard to the Charity Commission's guidance on public benefit and its specific guidance on charities for the advancement of religion. The Old Burial Ground Estate (OBGE) provides grants to support the maintenance of Kingston Quaker Centre and the other Meeting Houses in South and South West London belonging to the Religious Society of Friends which between them have around 500 members and attenders at present. Meetings for Worship are held every Sunday and attract regular worshippers and those who are newly interested in exploring the Quaker faith. At other times of the week the Meeting Houses accommodate many community groups who take advantage of the space they offer for meetings and events.
## **Achievements and performance**
During the period, KFT granted:
£4,001.80 to Croydon Meeting £450.00 to Sutton Meeting £1,840.00 to Streatham Meeting £10,000.00 to LQPT
KFT also instructed additional investment managers King & Shaxson and allocated £800,000.00 for their management. Trustees will review performance of both investment managers at the end of 2025.
## **Financial review**
As previously reported, the trustees appointed in September 2015 Rathbone Greenbank Investments as the charity’s investment manager to manage their investments more actively.
The value of the total funds of the charity decreased by 2.47% in 2024; the value of the endowment funds decreased by 4.16%.
## **Reserves policy**
A balance in the working fund is maintained broadly at the level of £10,000 so as to be able to respond to urgent calls on the funds.
## **Risks policy**
The major risks to which the charity is exposed, as identified by the trustees, have been reviewed by the trustees and systems have been established to manage and mitigate those risks. In particular the investments, which are managed by Rathbones Greenbank Investments are periodically reviewed, to monitor performance.
- 1 -
KINGSTON FRIENDS TRUSTS
OLD BURIAL GROUND ESTATE
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Plans for Futur& Peri¢xls
KFT also instrucled additional investment managers King & ShaxsDn and alocatl £800.000.00 lor their
manaoement Trustees will revièw wrformance of both investment manageri at th• •nd of 202$.
8lrubtUl¥y [anageEnt
Staius
The charity is a Quaker charity, reaislered with the Charit¥ Commlssion under number 237243 and reaulaled bv
a Scherne ol the Charity Commis&oners dated 8 September 1988, arnended by a Scheme daleil 7 May 2004.
OrganisationalStruGlure
The eharity is administered by six IrLJStees who ar8 apInted for p8riiMl$ ol slx yèars- five trustees by Kingston
upon Thames Local Ouaker Meeting and ong by Esher Local Quaker Meeting. The Iruslees control the charity
and aulhorise grants Ihfough regLJlar meetings, arKI are assisted in the day lo day running ol the charity by a
seGretary.
RelatedParties
Kingston Friends Trusts (Old Burial Ground Eslalel is treated by the Charity Commission as a parent of King51on
Friends Trusts (Poor5 Eslalel. Tmey shar8 a bank aOUnt bui prepare set)araie reports and financial statements.
stst¥iii¥wil uITiuul¥. reupon5ibililiE5
Company and charity law requires the Trustees to prepare the trustees, report and the linancia statements in
accordance with FRS102 and the charity SORP IFRS 1021. The Truslees rnust not approve the financi
slalements unless they are satisfied that they give a true and lair view ol th& slate ol attairs ol Ihe charity at the
end ol the Ilnan¢ial year ants ol Its surplus or deficit for that periocl.
In doing so, the Trustees are resp)nsibl8 lor
' selecting suitable accounllng tk)licles and Ihen applylng them consistent.
. rnaking sound )lgementS and estirnate5 that are roasonable and prL¥Jent.
preparirHJ the financial statements on the going concem basis L¢nless il Is inappropriate lo presume that
Gharity will Gonlinue in business.,
The Iruslees are responsible tor keeplng proper accounting records which disclose with reasonable accurdcy al
any time the financial position of the Gharity and enable them lo ensure that the finanGial stat¢m¢nts ¢omply with
the Charities Act 2011. They are also responsible lor safeguarding the assets ol the charity and hence for takiThJ
reasonable steps lor the prevenllon and delectlon ol fraud and olhgr irregularili8S.
The Trusiees. was approved by the Board of Trusiees.
Dated..
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF KINGSTON FRIENDS TRUSTS**
I report to the trustees on my examination of the financial statements of Kingston Friends Trusts (the charity) for the year ended 31 December 2024. which are set out on pages 04 to 14.
## **Responsibilities and basis of report**
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).
The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
Your attention is drawn to the fact that the charity has prepared financial statements in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts as per the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- 1 accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
## **David Howard Chartered Accountants**
1 Park Road Hampton Wick Kingston Upon Thames KT1 4AS
25-03-2025 Dated: .........................
- 3 -
## **KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE STATEMENT OF FINANCIAL ACTIVITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
|**Unrestricted**
**funds**
**Endowment**
**funds**
**Income from:**
**2024**
**Notes**
**£**
**2024**
**£**
Charitable activities
Investments
**2**
76,561
-
**Expenditure on:**
Raising funds
**3**
-
25,994
Charitable activities
**4**
21,132
-
**Total expenditure**
21,132
25,994
Net gains/(losses) on investments
**9**
-
(116,651)
**Net movement in funds**
55,429
(142,645)
Fund balances at 1 January 2024
106,140
3,429,799
**Fund balances at 31 December 2024**
161,569
3,287,154|**Total**
**Total**
**2024**
**£**
**2023**
**£**
76,561
68,887
25,994
23,624
21,132
80,460
47,126
104,084
(116,651)
206,365
(87,216)
171,168
3,535,939
3,364,771
3,448,723
3,535,939|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 4 -
KINGSTON FRIENDS TRUSTS
OLD BURIAL GROUND ESTATE
BALANCE SHEET
AS A T 31 DECEMBER 2024
Notss
Flxed assets
Investments
Curr1 Assèt#
Debtors
Cash al bank and in hand
11
3.390.384
3,460.505
12
13
4,050
58,145
74,504
62,195
78,810
Credltorg.. amounts lalllng du• within
ono year
14
13,8561
13,3761
Nel current assets
58.339
75,434
Total a65ets le55 current liabiliti6s
3.448,723
3.535,939
C8pltsl funds
eneral
General endowment lund5
3.287,154
3,429,799
15
3,287,154
3.429,799
Incom• fiind$
Unrgsiricled funds
161,569
106,140
3,448.723
3,&85,939
.t¢¢47 on ...
The finanrdal statcmcnts w¢r¢ apF)rovcd by th¢ Tru-
Trustee
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **Charity information**
Kingston Friends Trusts is a Quaker charity, registered with the Charity Commission under number 237243 and regulated by a scheme of the Charity Commissioners dates 8[th ] September 1988, amended by a scheme dated 7[th ] May 2004.
## **1.1 Accounting convention**
The financial statements have been prepared in accordance with the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
Monetary amounts are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention where applicable. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Income**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measure reliably, and it is probable that income will be received.
Income from investments is included in the year in which it is receivable.
## **1.5 Expenditure**
Expenditure is recognised in the year in which the liability is incurred and is reported as part of the expenditure to which it relates.
Charitable activities' direct costs and support costs are those costs incurred directly in support of expenditure on the objects of the charity.
- 6 -
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **1 Accounting policies**
## **(Continued)**
## **1.6 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.7 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.8 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
## **2 Investments**
|Income from listed investments
Interest receivable (from Rathbone Greenbank Investment funds and King &
Shaxson)
Interest receivable (from other cash deposits)|**2024**
**£**
50,445
25,128
988
76,561|2023
£
41,911
26,159
817|
|---|---|---|
|||68,887|
## **3 Raising funds**
|Investment management fees|**2024**
**£**
25,994
25,994|2023
£
23,624
23,624|
|---|---|---|
- 7 -
## **KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **4 Charitable activities**
|Grant funding of activities (see note 5)
Share of support costs (Administrative costs)
Share of governance costs (see note 6)|**2024**
**£**
16,292
820
4,020
21,132|**2023**
**£**
76,577
565
3,318|
|---|---|---|
|||80,460|
## **5 Grants payable**
|Grants to other Local Meetings of the Religious Society of Friends|**2024**
**£**
16,292
16292
___|**2023**
**£**
76,577|
|---|---|---|
|||76,577|
## **6 Support costs**
|**Support Governance**
**costs**
**£**
**costs**
**£**
Legal and professional
760
-
Bank charges
60
-
Review of the financial statements
-
2,010
Accountancy and other advisory services
-
2,010
820
4,020
Analysed between
Charitable activities
820
4,020|**2024**
**£**
760
60
2,010
2,010
4,840
4,840|**2023**
**£**
505
60
1,659
1,659|
|---|---|---|
|||3,883
3,883|
- 8 -
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **7 Trustees**
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
## **8 Employees**
The average monthly number of employees during the year was:
||**2024**|**2023**|
|---|---|---|
||**Number**|**Number**|
|Total|-|-|
There were no employees whose annual remuneration was more than £60,000.
## **9 Net gains/(losses) on investments**
|Revaluation of investments
Gain/(loss) on sale of investments|**2024**
**£**
(471,595)
354,944
(116,651)|**2023**
**£**
239,128
(32,763)
206,365|
|---|---|---|
## **10 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
- 9 -
## **KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **11 Fixed asset investments**
|**Listed**
**investments**
**Cash in**
**portfolio**
**Total**
**£**
**£**
**£**
**Cost or valuation**
At 31 December 2023
3,396,326
64,179
3,460,505
Additions
1,731,301
-
1,731,301
Valuation changes
(116,651)
-
(116,651)
Disposals
(1,726,372)
-
(1,726,373)
Net movement on cash in fund
-
41,602
41,602
At 31 December 2024
3,284,604
105,781
3,390,384
**Carrying amount**
At 31 December 2024
3,284,604
105,781
3,390,384
At 31 December 2023
3,396,326
64,179
3,460,505
_Funds held in listed investments_
_Funds held as cash_
_Total Funds at 31st December 2024_|**Listed**
**investments**
**Cash in**
**portfolio**
**Total**
**£**
**£**
**£**
**Cost or valuation**
At 31 December 2023
3,396,326
64,179
3,460,505
Additions
1,731,301
-
1,731,301
Valuation changes
(116,651)
-
(116,651)
Disposals
(1,726,372)
-
(1,726,373)
Net movement on cash in fund
-
41,602
41,602
At 31 December 2024
3,284,604
105,781
3,390,384
**Carrying amount**
At 31 December 2024
3,284,604
105,781
3,390,384
At 31 December 2023
3,396,326
64,179
3,460,505
_Funds held in listed investments_
_Funds held as cash_
_Total Funds at 31st December 2024_|**_Permanent_**
**_Endowment_**
**_fund_**
**_Freehold Land_**
**_and Property_**
**_fund_**
**_Expendable_**
**_Endowment fund_**
**_£_**
**_£_**
**_£_**
_369,455_
_2,632,349_
_458,701_
_104,514_
_545,564_
_1,081,223_
_(3,707)_
_(85,734)_
_(27,210)_
_(108,472)_
_(1,355,074)_
_(262,827)_
_1,287_
_(4,697)_
_45,012_|
|---|---|---|
|||_363,077_
_1,732,408_
_1,294,899_|
|||_363,077_
_1,732,409_
_1,294,899_|
||3,396,326
64,179
3,460,505
_Funds held in listed investments_
_Funds held as cash_
_Total Funds at 31st December 2024_|_369,455_
_2,632,349_
_458,701_|
|||_357,871_
_1,710,635_
_1,216,099_
_5,206_
_21,773_
_78,800_
_363,077_
_1,732,408_
_1,294,899_|
All fixed asset investments are measured at market value less impairment.
- 10 -
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **12 Debtors**
**Amounts falling due within one year:**
Other debtors
|**2024**|**2023**|
|---|---|
|**£**
|**£**|
|4,050
|4,306|
## **13 Cash in bank and in hand**
|||**Unrestric**
**ted fund**|**Permanent**
**Endowment**
**fund**|**Freehold**
**Land and**
**Property**
**fund**|**Expendable**
**Endowment**
**fund**|
**2024**|**2023**|
|---|---|---|---|---|---|---|---|
|||**£**|**£**|**£**|**£**|**£**|**£**|
|CafCash|current account|39,907|-|-|-|39,907|57,147|
|The Affirmative Deposit Fund for
Charities||-|-|-|18,238|18,238|17,357|
|||39,907|-|-|18,238|58,145|74,504|
|**14 Creditors: amounts falling due**||||||**2024**|**2023**|
||**within one year**|||||||
|||||||**£**
|**£**|
|Accruals and deferred income||||||3,856|3,376|
- 11 -
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **15 Endowment funds**
|**15**
**Endowment funds**||
|---|---|
|Permanent Endowment Fund
Freehold Land and Property Fund
Expendable Endowment Fund|**Balance at**
**1 January**
**2024**
**Incoming**
**resources**
**Resources**
**expended**
**Net**
**Gains**
**and**
**Losses**
**Transfer**
**between**
**funds**
**Balance at**
**31**
**December**
**2024**
**£**
**£**
**£**
**£**
**£**
**£**
369,455
-
(2,670)
(3,706)
-
363,078
2,632,170
-
(14,206)
(85,734)
-
2,532,230
428,174
-
(9,117)
(27,210)
-
391,847|
||3,429,799
-
(25,993)
(116,651)
-
3,287,154|
The Charity's funds originally arose in 1677 from the assignment of the freehold of a plot of land.
There are three funds. In the case of the Permanent Endowment Fund and the Freehold Land and Property Fund, only income may be applied to expenditure. In the case of the Expendable Endowment Fund, both capital and income are applicable, and may be applied, at the Trustees discretion, for the objects of the charity. A working fund is derived from these funds and is maintained as a pool of liquidity, the level being at the Trustees' discretion.
- The Permanent Endowment Fund is a restricted fund which provides income for the general purpose of the charity. The fund is the combination of the compensation paid when a road was widened, and another fund set up as part of a redevelopment agreement with a third party.
- The Freehold Land and Property Fund is a restricted fund which contains the proceeds of the sale of part of the land referred to above, in 2003. The fund is now required to be invested to produce income to be applied for the objects of the charity.
- The Expendable Endowment Fund is the combination of two former funds which were set aside to cover extraordinary repairs for rebuilding Meeting Houses.
- 12 -
**KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **16 Unrestricted funds**
|**At 1**
Working funds
**Previous year:**
**At 1**
Working funds|**January**
**2024**
**£**
**Incoming**
**resources**
**£**
**Resources**
**expended**
**£**
**At 31**
**December**
**2024**
**£**
106,140
76,561
(21,132)
161,569
**January**
**2023**
**Incoming**
**resources**
**Resources**
**expended**
**At 31**
**December**
**2023**
**£**
**£**
**£**
**£**
117,713
68,887
(80,460)
106,140|
|---|---|
- 13 -
## **KINGSTON FRIENDS TRUSTS OLD BURIAL GROUND ESTATE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2024**_
## **17 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**2024**
**Endowment**
**funds**
**2024**
**At 31 December 2024:**
**£**
**£**
Investments
119,311 3,271,072
Current assets/(liabilities)
42,258 16,082
161,569 3,287,154
**Unrestricted**
**funds**
**2023**
**Endowment**
**funds**
**2023**
**At 31 December 2023:**
**£**
**£**
Investments
46,787
3,413,717
Current assets/(liabilities)
59,353
16,082
106,140
3,429,799|**Total**
**2024**
**£**
3,390,384
58,339|
|---|---|
||3,448,723|
||**Total**
**2023**
**£**
3,460,504
75,435|
||3,535,939|
## **18 Related party transactions**
There were no disclosable related party transactions during the year (2023 - none).
- 14 -